Hanna-Barbera's original animation revolved around an 11-year-old boy called Jonny, who accompanied his doctor father on a series of extraordinary adventures.
Speaking to Moviehole, the former wrestler, real name Dwayne Johnson, confirmed that he will play Race Bannon, a special agent who is hired by Jonny's father to act as his son's bodyguard.
"I don't know if you've read the latest [draft] but it's awesome and it's badass and I...hadn't read an action script like that in a long time. And that action was unbelievable. That will happen," he said.
Quest could see Johnson reunited with his Game Plan director Andy Hickman, who has been tipped to helm the project.
High School Musical star Zac Efron has reportedly emerged as the studio's favourite to play Jonny, despite being ten years older than the original character.